Lounge Underwear has reported a 6% year on year increase in sales and a 33% decline in profit before tax for the 12 months to 30 June 2023, as a result of its investment into store expansion.
Lounge reported sales of £67.9 million for the period with a profit before tax of £5.5 million for the 12 months to 30 June 2023 (this is down by 33% when compared with profit before tax of £8.1 million) in the year to 30 June 2022.
The company also attributed the decline in its profit before tax to rising costs related to marketing and brand activities. The business has been investing in its store portfolio and is opening its first international store in Westfield Oberhausen, Germany, in June.
Lounge opened its first store at Westfield London shopping centre in October last year and is scheduled to open its fifth UK bricks and mortar shop in Cardiff’s largest shopping centre (St David’s) next Friday, 10th May.
